The downgrade of Ukraine’s foreign-currency issuer rating reflects start of negotiations for near-term external debt treatment for preservation of foreign-exchange liquidity and reducing the financing gap.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The downgrade is driven by the downgrade of the Republic of Austria’s ratings to AA+. ORF’s ratings are closely linked to Austria’s through ORF’s government-related entity status and close strategic, operational, and financial ties.

Die Ratingänderung spiegelt die Änderung des Ratings Österreichs auf AA+ wider. Das Rating des ORFs ist durch den Status als staatsnahes Unternehmen und strategische, operative und finanzielle Verknüpfungen eng mit dem Rating der Bundesregierung verbunden

A firmly declining debt trajectory and favourable medium-term growth prospects drive the Outlook revision. Low economic diversification and adverse demographic trends are the main credit constraints.

The periodic review has resulted in no rating action.

A strong institutional framework, excellent market access, conservative financial, debt and liquidity management, and sound economic fundamentals are strengths. Relatively high debt and some budget pressures, with moderate flexibility, are challenges.